There's strong indications that Vida is actually transgender. Some of the opening sequence of the movie points to that; look at the way she views herself when she puts on her wig. It seems to be a look of quiet satisfaction, like "this is the true me." And when she visits her home, is she seeking acceptance as a gay man, or is she seeking acceptance as a woman? The movie is, in the end, deliberately vague on this point.

Yet it's not unheard of for trans people to use drag as a stepping-stone towards becoming their true selves; I personally know at least two queens who have ultimately transitioned, and I myself am a trans woman who took up drag performance as a form of self-expression and a way to help the community by raising money for charity.

(And for what it's worth, John Leguizamo believes ChiChi is also trans, though the evidence is less clear for her than it is for Vida.)